Posted 8/23/2011 09:55 am
Updated 1 year ago
Prescott Realty Group of Dallas and Bedrock Commercial Partners LLC of Irving, Texas, on Tuesday officially announced a new apartment project, Autumn Wood at the Divide, scheduled to open in the spring.
Arkansas Business first reported word of the multi-family development on Aug. 8.
The development follows a $1.9 million land purchase at the northwest end of the Divide Parkway.
"We believe that the strong Chenal Parkway submarket will support this project and that it will be a welcomed addition to the local community," Taylor Stone, Prescott's managing director of multi-family, said in a news release.
The two development companies said they closed "a complicated loan structure" to begin construction. Included in the financing is a HUD 221(d) 4 construction loan that provides funds for new construction Class A projects, the companies said.
"We are excited to partner with Prescott on the Autumn Woods project, especially since the development is in our backyard where our market knowledge is deep," Derek Alley, acquisitions manager for Bedrock, said. "The west Little Rock community will greatly benefit from this project."
VCC is the general contractor for the development, set on 15.2 acres with views of the adjacent lake and surrounding wooded areas.
Developers said amenities will include "a full service, up-to-date clubhouse with a professional-inspired fitness center, game room, media area, Internet cafe and a tanning bed." There will also be a clubhouse with a free-flowing pool, an outdoor kitchen and dining area.
Residents can choose from one- or two-bedroom apartments.